"C" - Insurance offered to any applicant regardless of health

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Guaranteed issue might sound like a problem waiting to happen. But when you’re talking about insurance, it can be a good thing. (There may be tradeoffs involved though.)

Guaranteed issue refers to health and life insurance policies that are offered to all applicants regardless of their health.

Life insurance:

  • Guaranteed issue policies are often a good option for elderly applicants and people with health issues that prevent them from getting a conventional policy.
  • They usually charge higher premiums and provide lower payouts. Many top out at $10,000 compared to conventional policies that might pay $1 million or more.
  • Most of these policies won’t pay out if the insured dies within the first 1-2 years. (In these cases, the premiums they’ve paid will be refunded.)

Health insurance:

  • All comprehensive health insurance policies have been guaranteed issue since 2014.
  • Prior to 2014, most insurers had lists of up to 400 health conditions that could trigger a denial.
  • Since 2014, the Affordable Care Act has required that you can’t be denied for having pre-existing health conditions and you don’t even have to give out your health history to apply. It also doesn’t matter whether you currently have insurance or not.
  • Short term medical plans are not guaranteed issue and may not cover pre-existing conditions.

Open Enrollment for 2021 health insurance is from November 1 - December 15, 2020. A friendly licensed Mylo agent can help you find the right health plan – or a life insurance policy – that makes sense for your life stage and budget. Give us a call to find out your options!

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The right coverage for you? Surprisingly simple.

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